- Indian shares provisionally closed 1.5 percent lower on Monday led by losses in Infosys and financial stocks, as worries over quarterly earnings and further interest rate increases dampened investor sentiment.
- Selling pressure in the afternoon took its toll on the markets and forced both the benchmark indices to lose about 1.5% in a single trading session. IT along with interest rate sensitive sectors like realty, banking and capital goods remained the worst performers and auto and a few FMCG counters were only a few stocks that performed a bit better. Selling pressure primarily came from hedge funds and FIIs. The Sensex closed at 19091, down 296 points from its previous close, and Nifty shut shop at 5729, down 95 points. The CNX Midcap index was down 1.5% and the BSE smallcap index was down 0.8%. The market breadth was negative with advances at 335 against declines of 965 on the NSE. The top Nifty gainers were HUL,Hero Honda, Bajaj Auto and ONGC and prime losers included DLF,HCL tech, Sesa goa and TCS.
- The Indian rupee erased early gains to trade weaker on Monday afternoon as local shares turned negative and the euro fell sharply.At 2:39 p.m., the partially convertible rupee was at 44.3350/3400 per dollar, almost steady from Friday’s close of 44.3250/3350, but down from Monday’s high of 44.2550.
- World finance leaders must find a way to bring down debt while creating jobs and watching over their shoulders for the threat of inflation, the head of the Organisation for Economic Cooperation and Development said on Saturday.
- China’s banking regulator will launch a thorough examination this year of loans extended over the past few years, and will tighten the issuance of banking licenses in response to global easing of liquidity, the Shanghai Securities News reported on Monday.
- China still has room to further tighten monetary policy, the official China Securities Journal said in a front-page editorial on Monday.
- China and India reported higher-than-expected inflation readings on Friday, giving fresh ammunition to central bankers and investors alike who are worried about mounting price pressures in the global economy.
- India’s food price index rose 8.28 percent and the fuel price index climbed 12.97 percent in the year to April 2, government data on Friday showed.
- The euro sank on Monday and European stocks fell into the red for the year as the rise of a euro-skeptic party in Finland and growing unease about Greek debt battered investor sentiment in the single currency zone.
- Brent crude oil fell $1 a barrel on Monday to below $123 after a cut in output from the world’s top exporter Saudi Arabia raised concern that high prices were hurting demand.
- Spot gold hit a record high and silver rose to a 31-year high on Monday, fueled by concerns of rising inflation globally, while a lingering euro zone sovereign debt crisis continued to boost safe-haven demand in precious metals.
- The euro extended its losses on Monday after repeated attempts to break above a resistance level failed yet again and on renewed worries about euro zone debt problems, giving the dollar a much needed reprieve after the recent sell-off.
- Europe’s debt crisis weighed on financial stocks on Monday, dragging Britain’s top share index lower, while analysts said short-term macro pressures present an attractive longer-term buying opportunities on the FTSE.
- General Motors Co plans to team up with its partners to introduce light commercial vehicles to India, the head of its international operations said on Monday.
- High oil prices represent a potentially major burden for importers with global economic recovery still fragile, leading OPEC ministers said on Monday.
